Egypt Shuns Russian Wheat Again
Just in case you missed it, Egypt shunned Russia for the third time in recent weeks yesterday, buying US and French wheat in a tender. Of the 175,000 MT taken 120,000 MT was French wheat at a reported price of USD186.45/tonne, despite reports that Russian wheat was offered as low as USD169 in the same tender.
It would appear that, despite both sides protestations to the contrary, Egypt does still have a problem with Russian wheat.
Incidentally my information is that the USD169 offer, which was the cheapest on the table, was from Cargill not an Egyptian trading house. That would seem to me to enforce the view that the current problem is one of country of origin, not names.
How long this will go on for is anybody's guess, I'm sure that in the long run Egypt must realise that it needs Russia, just as much if not more so, than the other way round.
Still, lets enjoy EU wheat getting a look in whilst we can.
It would appear that, despite both sides protestations to the contrary, Egypt does still have a problem with Russian wheat.
Incidentally my information is that the USD169 offer, which was the cheapest on the table, was from Cargill not an Egyptian trading house. That would seem to me to enforce the view that the current problem is one of country of origin, not names.
How long this will go on for is anybody's guess, I'm sure that in the long run Egypt must realise that it needs Russia, just as much if not more so, than the other way round.
Still, lets enjoy EU wheat getting a look in whilst we can.
